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CASA FOR KIDS, INC. <br />Notes to Financial Statements (continued) <br />,lune 30, 2008 <br />Note C:' Fixed Assets <br />; Plant assets are stated at cost or estimated fair value. Depreciation is allocated to <br />depreciable assets using the straight-line method over estimated useful lives of <br />, thirty years for buildings and five years for equipment and fixtures. <br />Details of fixed assets are as follows: <br />Office Equipment 14,565 <br />Computer Equipment 9,612 <br />rurniture and Equipment 800 <br />Vehicles 1,870 <br />Less accumulated depreciation (19,159) <br />Total 7,688 <br />Note D: Restrictions on Assets <br />Since 2003 CASA has received a total of $53,000 from the Lennox Foundation to <br />#und programs for parenting and pregnant adolescents, and for child abuse <br />prevention. As of June 30, 2008 CASA has spent $31,749 of these donated <br />funds. <br />Note E: Commitments and Contingencies <br />CASA receives funding or reimbursement from government agencies which are <br />subject to specific compliance requirements, review, and audit by grantors or their <br />representatives. Such audits could result in request for reimbursement by the <br />grantor agency for expenses disallowed under the terms and conditions specified <br />in the grant agreements. In the opinion of management, there are no significant <br />contingent lia6ilities relating to compliance with the rules and regulations <br />governing the respective grants; therefore, no provision has been recorded in the <br />accompanying financial statements for such contingencies. <br />Note F: Restatements and Reclassifications <br />Certain amounts from the prior fiscal year have been restated and reclassified to <br />conform to current-year presentation. The July 1, 2007 beginning net assets as <br />originally reported has been changed to reflect the reclassification of amounts <br />previously reported as deferred revenue to temporarily restricted net assets. <br />-9- <br />p00C55 <br />